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GBLT Corp
Symbol GBLT
Shares Issued 112,525,619
Close 2019-11-28 C$ 0.10
Recent Sedar Documents

GBLT loses $101,029 in nine months

2019-11-28 16:06 ET - News Release

Mr. Joachim Senst reports

GBLT CORP. ANNOUNCE THIRD QUARTER 2019 RESULTS; GROSS MARGIN INCREASE BY 20%; EBITDA INCREASES FROM (631,936) TO 171,756

GBLT Corp., indirectly through its operating company, GBT GmbH, has released financial results for the first nine months of the year ended Sept. 30, 2019.

Third quarter 2019 financial highlights:

  • Revenue for the first nine months of 2019 remained stable at 14,895,254 in line to 14,734,323 for the first nine months of 2018.
  • Gross profit during first nine months of 2019 increased by 20 per cent to 1,179,672, compared with 985,498 during the same period in the previous year.
  • Gross margin increased to 8 per cent during first nine months of fiscal year 2019 from 7 per cent for first nine months of fiscal year 2018.
  • Operating expenses during the first nine months of 2019 decreased by 10 per cent to 1,297,294, compared with 1,447,503 during the same period in the previous year.
  • Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the first nine months of 2019 was 171,756, as compared with an adjusted EBITDA loss of 631,936 during the same period in the previous year.

Reconciliation of adjusted EBITDA

Adjusted EBITDA is a non-IFRS (international financial reporting standard) financial measure that the company calculates as income/loss before income taxes, excluding depreciation and amortization, stock-based compensation expense, non-recurring non-operating expenses, interest expense, and gain or loss on financial instruments and foreign exchange.

Adjusted EBITDA is a measure used by management and the board to understand and evaluate its core operating performance and trends. This measure differs from contribution in that adjusted EBITDA includes additional operating costs, such as general and administration expenses and marketing, but excludes financing interest costs.

One of the attached tables presents a reconciliation of adjusted EBITDA to loss before income taxes, the most comparable IFRS financial measure for each of the periods indicated.

                                                                  For the nine months ended Sept. 30,
                                                                          2019                  2018
EBITDA                                                                                                   
Comprehensive (loss) for the period                                   (101,028)           (3,816,523)
Foreign exchange gain (loss)                                            (1,573)              (13,364)
Change in fair value of derivative                                     (15,020)                   --
Listing recovery (expense)                                                  --             3,144,321
Depreciation                                                             8,264                15,838
Currency exchange loss (gain)                                           41,389               (27,859)
Listing and filing fees                                                 31,026                    --
Financing fees                                                          93,814                    --
Interest and bank charges                                              114,884               154,345
Adjusted EBITDA                                                        171,756              (631,936)

          SUMMARY OF FINANCIAL RESULTS AND INFORMATION

                                               Nine months ended
                                        Sept. 30,       Sept. 30,
                                            2019            2018
                                                           
Revenue                               14,895,254      14,734,323
Gross profit                           1,179,672         985,498
Gross margin                                  8%              7%
Expenses                               1,297,294       1,447,503
Net (loss) for the period               (101,029)     (3,816,523)
Basic (loss) per share                     (0.00)          (0.03)

Full details of the financial reports and operating results for the three and nine months ended Sept. 30, 2019, are described in the company's condensed consolidated interim financial statements with accompanying notes and related management's discussion and analysis, available on SEDAR.

About GBLT Corp.

GBLT, indirectly through its operating company, GBT GmbH, is a diversified lighting and battery company.

We seek Safe Harbor.

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